Frequently Asked Questions & Answers
About Mortgages at DCU
We have the answers to your mortgage questions
What are your rates?
Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center at 508.263.6700 or 800.328.8797.
What is a point?
A point is 1% of your total loan amount. For example: one point for $100,000 mortgage is $1,000.
What will my closing costs be?
Closing costs are approximately $1,900 – $2,100 (not including points) per $100,000 depending on the state you are purchasing your home in.
Where can I get a DCU Mortgage Application?
DCU can mail an application to your home. Or, you can apply online.
Does DCU offer fixed and adjustable rate mortgages?
Yes.
Can closing costs be rolled into my loan amount?
Yes, in most cases closing costs can be rolled into your loan amount.
What is DCU's application fee?
DCU's application fee is $300.
How can I lock in my interest rate?
After reviewing your application with a Mortgage Representative you are able to lock in your rate.
Is there a fee to lock my rate?
Yes, $350. Or, if you choose a zero or no point option, the rate lock fee will be refunded to you at the time of closing. Otherwise, the fee is applied to your closing costs.
Will my DCU mortgage be sold to another financial institution?
DCU does not sell the servicing on our mortgages.
What does the term "Loan to Value" mean?
It is the total loan amount divided by the value of your property.
Will DCU escrow my taxes?
DCU will escrow your taxes if your loan to value is greater than 70% or if the property is an investment.
Does DCU require Private Mortgage Insurance?
Private Mortgage Insurance is required with a loan to value over 80%.
What is the maximum amount I can borrow if I want to consolidate bills?
On a 1-2 unit primary residence or second home you may borrow up to 90% of the property value in a first mortgage. DCU also offers many second mortgage products for debt consolidation.
Will DCU finance my second home or investment property?
Yes. With DCU you can finance a second home or an investment property up to a 4 family unit.
What if I have an investment property with more than 4 family units?
You can contact our Commercial Loan department for a commercial mortgage.
What is a Jumbo Mortgage?
A Jumbo Mortgage is a mortgage amount in excess of $417,000 for a one family unit property.
Does DCU offer Biweekly Mortgages?
Yes. Biweekly Mortgages are an option on all NEW fixed rate mortgages only.
If I apply through phone, who is my mortgage with?
Your mortgage is with DCU. We'll service your mortgage (accept payments and handle escrow) for as long as you have it.
If you have any other questions regarding the mortgage products and services offered by DCU, please call our Information Center.
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union